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November 6, 2018

Setoo selects SafeCharge payments technology to help revolutionise the insurance market

Insurance industry disruptor Setoo chooses SafeCharge multi-directional payment technology to deliver seamless payments and automated compensation

 

Today, SafeCharge, the partner of choice for businesses who demand more from payments technology – announces its integration with insurance and protection-as-a-service company Setoo.

Setoo has integrated SafeCharge’s technology to facilitate multi-directional payment processing through its platform, enabling the seamless transfers of funds and avoiding the need for any complicated insurance claim processes. Some of the more traditional insurance products focus on standard cancellation packages, involving lengthy and cumbersome processes that rarely entice consumers into purchasing insurance protection. Setoo is disrupting the insurance market with its parametric insurance products, which enable e-businesses to create and sell personalised insurance products that require no claim process from the consumer.

Through Setoo’s platform, e-businesses can quickly and easily integrate these simple insurance products into their customers’ journey with compensation dispensed automatically. The platform enables e-businesses to protect its customers against exogenous events that can ruin their experience, such as missed flight connections, lost parcels and adverse weather conditions.

 

“Payment technology plays an extremely crucial role in the smooth running of our platform” stated Eyal Gluska Co-founder & Co-CEO of Setoo. “A key differentiator for us is our ability to improve customer experience by removing the need for any claim process and providing immediate compensation. SafeCharge’s technology enables us to manage our transaction flows securely and efficiently without the need to rely on multiple providers for pay-in and pay-out, and it empowers automatic payment of compensation at a crucial moment in the consumer journey”.

“We are excited to support Setoo in its mission to revolutionise the insurance world with parametric-based products” explained Yuval Ziv, CCO of SafeCharge. “Payments have become a strategic differentiator for modern organisations and a secret sauce of innovation. Thanks to our proven technology, Setoo can enable e-businesses to generate vital ancillary revenue opportunities and provide the utmost customer experience. We look forward to working with the team and drive innovation across the insurance industry.”

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SafeCharge Limited is an Electronic Money Institution authorised and regulated by the Central Bank of Cyprus and is a principal member of MasterCard, Visa and Unionpay International (CUP). SafeCharge Financial Services Limited is authorised and regulated by the Financial Conduct Authority as a Payment Institution. Both SafeCharge companies are wholly owned by SafeCharge International Group Limited.